Many community banks are reluctant to service cannabis operators due to a lack of resources, technology or industry expertise.
That's where Dama comes in.
Benefits of banking cannabis
Providing financial services to cannabis operators allows you to:
Earn significant revenue
When you partner with Dama, you receive a revenue share and pay nothing in return.
Be part of the solution by servicing your community
State-legal cannabis is now an integral part of many localities, and these businesses are in desperate need of your services.
Increase public safety
Removing cash from the streets protects you and your neighbors by reducing the opportunity for criminal activity.
Grow your business and strengthen commercial relationships
Clients with multiple accounts and/or business interests will appreciate being able to keep their entire portfolio under your roof.
Build goodwill and boost customer retention
Allowing cannabis clients to operate transparently without fear of account shutdowns eliminates a major source of stress.
Peace of mind leads to customer loyalty and positive word of mouth.
How to bank cannabis safely
FinCEN has provided guidance on how to bank cannabis, and the Department of Justice (through the Cole Memo priorities) specifically lays out expectations for federal prosecutors and law enforcement to follow in states with legal cannabis programs.
Servicing the cannabis industry offers enormous upside when you do the following:
Listen to the experts
Banking cannabis takes considerable resources and expertise. That's where Dama can help. Our understanding of both the cannabis and banking industries—paired with our proprietary technology—is unparalleled.
Follow the rules
Adhere to Cole Memo priorities, follow all FinCEN rules (as well as BSA/AML requirements), and stay current with state and federal regulations to ensure that you remain fully compliant.
Partnering with Dama
What’s it like to work with us?
Here’s what you’ll get from day one:
Turnkey solution
We build—and run—your cannabis program with minimal investment on your end.
Long-term partnership
While other companies “consult” then walk away, we act as your in-house cannabis department, managing every client interaction from cradle to grave.
Our experts are there every step of the way so you can focus on other areas of your business.
Best-in-class compliance
We follow all FinCEN and BSA/AML rules, adhere to Cole Memo priorities, and stay current with state and federal regulations to ensure that you remain fully compliant.
Industry and technological expertise
No other company can match the depth of our relationships with banking and payments regulators—or our proprietary technology.
Enhanced due diligence and reporting
We believe absolute transparency is essential for long-term success.
You have real-time access to everything we do on your behalf.
Ongoing revenue stream
We provide a revenue share. You don’t pay us anything—we pay you.
Dama acts as an extension of your bank to handle:
